Note 7 - Notes Payable

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

7.

     Notes Payable

On

February 28, 2018,

we entered into a Senior Note Purchase Agreement with Georgia Research Alliance, Inc. (GRA) pursuant to which we issued a

five

-year Senior Promissory Note (the “GRA Note”) to GRA in exchange for

$50,000.

The GRA Note bears an annual interest rate of

5%,

payable monthly. Future principal repayments are expected to be

$8,964

for the remainder of

2020

$12,487

in

2021,

$13,126

in

2022,

and

$2,252

in

2023.

Interest expense related to the GRA Note for the

three

-month periods ended

March 31, 2020

and

2019

was

$485

and

$621,

respectively.